People in the UAE will be able to send ‘International Express Money Orders’ to Jordan through the postal network, powered by UPU’s secure International Financial System (IFS), starting this month, following an agreement between Emirates Post and Jordan Post.
The agreement was signed today by Ibrahim Bin Karam, CEO of Emirates Post, and Ahmad Ali Obaidat, CEO, Jordan Post, during a visit of a Jordanian Post delegation to Dubai.
Also gracing the occasion were Jordanian Consul General, H.E. Areej Al Hawamda and Trade Attache, Mr. Hakam Al Taleb.
Under the agreement, money sent from any post office in the UAE will reach Jordan in less than 24 hours. The sender is required to inform the recipient to collect the money from post offices in designated cities and towns in Jordan. The fee per remittance is Dh. 15. The maximum amount that can be sent by an individual is US$ 1,000.
Mr. Ibrahim Bik Karam, CEO of Emirates Post, said: â€œThis agreement will strengthen further the relations between UAE and Jordan. Thousands of Jordanians living in the UAE can now send money to their loved ones for a low transfer fee. In addition, the system is promoted and supported by Universal Postal Union, and is highly secure and reliable. We plan to add many more Arab countries to the IFS network before year-end.â€
Mr. Ahmad Ali Obaidat, CEO of Jordan Post, commented: â€œThe IFS provides an ideal platform for facilitating money transfer between Arab countries through the postal network. We are delighted to be among the first Arab countries to sign such an agreement with Emirates Post, which is one of the pioneers in the IFS model.Â We assure our customers highest levels of service and very competitive rates that cannot be matched by any other private operator.â€
The International Express Money Orders will be transmitted between the two parties using the IFS/STEFI secure network of the Universal Postal Union (UPU), through a server in Berne, Switzerland.
The IFS-based International Express Money Order is a reliable, adaptable and easy-to-use tool and can be installed in the remotest areas of the world. The UPU anticipates that financial services could generate up to 50 per cent of a countryâ€™s postal revenues, and by promoting IFS, the dominance of big players could be reduced, thus offering customers, especially migrant workers, a cost-effective system of electronic money transfer.